VANCOUVER (NEWS1130) – A survey says BC baby-boomers feel the least prepared for retirement. Fifty-seven per cent of boomers in BC say they feel unprepared, which is 15 points above the national average.
Nearly four out of five worry they will not have enough money to last through retirement. Fewer than one-third have a financial plan for retirement. The poll for TD Waterhouse surveyed 1,000 Canadians in the 45-to-64 age bracket, 120 of them in BC.
The top ways BC boomers plan to fund their retirement are Old Age Security and the Canada Pension Plan, RRSPs, and company pensions. Sixty-four per cent feel behind in their retirement savings compared to their peers, while 46 per cent say they will keep working to fund their retirement.
More than a third are hoping to win the lottery. TD Waterhouse admits the answer might be tongue-in-cheek, but it says this group is less likely to have a financial plan.